Turnover up by 33% for agricultural buying group

Announcing results for the year ending 31st January 2008, agricultural buying group Anglia Farmers Limited reports turnover was £95.75 million, up by 33% on the previous year.

The net surplus for the year, to be retained in reserves, was just over £140,295 (up 70%) and net assets increased to £1.15 million.

Commenting on the results, George Bell, the chairman of Anglia Farmers, said:

"We have had another good year working on behalf of our members and we continue to invest in the business, adding to the range of specialist services we can offer. We are bringing in the technology and people we need to handle the increasing business. Despite this, we have managed to contain our costs. The directors believe that Anglia Farmers is in a good position to handle the challenges posed both by growth and by the changeable climate for farming."

At the end of the financial year there were 1,601 full and associate members of the group, which was an increase of 156 on the previous year. Invoice transactions increased to an average of 24,000 per month and staff numbers increased by 12 to 46. The gross cost of running the business was 1.5% of turnover, a marginal reduction on the 1.6% in the previous year.

Turnover during the fist four months of this new financial year reached £47.4 million – an increment of 54% on last year – and looks set to be in excess of £140 million by the year end.

The group's chief executive, Clarke Willis, said:

"We are continuing to grow and we are maintaining our high service levels to members at a time when the agricultural supply industry is generating additional challenges with the security of supply and inflation in key inputs. As ever, Anglia Farmers strives for increasing member benefits."